President Bola Tinubu has asked the Senate to approve about $7.7 billion, equal to N10.79 trillion, in external borrowing to part-finance the 2026 budget deficit, Peak Newspaper reports.
Senate President Godswill Akpabio read the president’s letter during plenary on Wednesday. The letter says the 2026 Appropriation Act provides for N29.2 trillion in new borrowing, made up of N18.4 trillion domestic and N10.79 trillion external.
The funds could come from concessional and commercial loans, the International Monetary Fund, bridge financing, direct borrowing from international institutions and Eurobond issuance, with more emphasis on the Eurobond because it is faster to conclude.
The president listed defence and security, transportation, agriculture, power, education and health as priority areas.
